Planning for Your Retirement

2/27/2018

The retirement funding landscape has changed in recent years. People are living longer and spending more time in retirement, contributions to company pension plans have decreased and future benefits of Social Security are uncertain. But with that being said, the good news is that with some preparation today, you can maximize your retirement income for tomorrow, and enjoy those years to the fullest.

Identify Your GoalsEvaluating your goals and potential future income needs is the first step. For example, will you continue living in your current home or will you downsize? Will you travel? Will you have a summer/winter home? Will your family depend on you for financial assistance? Once you've identified your goals, you can begin outlining how you’ll achieve them.

Evaluate Your Current SituationYour retirement funding will depend on your sources of income and your expenses. Here are some areas to consider:

Set the CourseYou can grow your retirement funding using a wide variety of investment vehicles. In fact, there are several options that can also help you defer or avoid federal income tax on earnings.1 While you’re working, you can contribute to an IRA and deduct all or part of your contribution on your federal income taxes. You can also choose from stocks, bonds, money markets, CDs, mutual funds orannuities. The type of investment portfolio depends on how many years away from retirement you are, your financial objectives and how much risk you are willing to take to achieve your goals. Even small, regular savings can add up over time, meaning the earlier you start, the longer you can take advantage of compound interest and tax-deferred growth on your money.

When you’re busy working and enjoying the day-to-day activities of life, retirement can seem like a far-off dream. But whether your expected retirement is 5, 15 or 30 years from now, taking charge today could mean all the difference for your financial security tomorrow.

Let a Farm Bureau agent help you maximize your retirement income strategy today.

1 Neither the Company nor its agents give tax, accounting or legal advice. Please consult your professional adviser in these areas.

Agent or advisor must be a registered representative of FBL Marketing Services, LLC to discuss securities products. Agent or advisor must be released by FBL Wealth Management, LLC to offer advisory services.

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